Archives For January 2014

In an advantageous partnership that has paid dividends time and time again, Pearson Group tapped CBRE to secure refinancing on one of its premier shopping center, Hayden Peak Crossing, from Nationwide Life Insurance Company. “My position has always been to share the responsibility on all of our projects,” says Pederson Group President Jeff Manelis. Typically, we will have a group of brokers that we deal with and we will rotate the assignments based on the type of assignment it is.”

Hayden Peak Crossing

The CBRE team representing the Pederson Group included Rocco Mandala, Brad Miner and Brett Behnke. CBRE secured $15 million in refinancing for Hayden Peak Crossing from Nationwide Life Insurance Company. “It was a very seamless transaction, easy to close, and we are very happy with the outcome,” says Manelis. Pederson chose Mandala’s team because it is well-respected in the community and had relationships with the types of companies Pederson wanted to work with on the project, says Manelis. He adds, “In Rocco Mandala, who has experience with several life insurance companies, we thought it was a good fit to give him the assignment and have him match us up with one of his life insurance clients.” Pederson Group has developed and managed the center, which has emerged as one of north Scottsdale’s most vibrant neighborhood shopping centers. Hayden Peak Crossing is an upscale neighborhood shopping center that is anchored by a successful Fry’s Signature Supermarket. Tenants at the five-year-old center include Heidi’s Boutique, Classy Jazzy, Body Lab, The Pilates Society, Sumit’s Yoga and various restaurants, including Local Bistro, Pure Sushi, Tavern Americana, The Good Egg, Juan Jaime’s Tacos and Tequila and Starbuck’s. “This is one of my favorite projects,” Chairman Jim Pederson says. “It is located in a special part of town in the Grayhawk community and there is very few competitive sites around there so it is going to continue to do well. It is one of the most successful Fry’s stores in the entire state and it’s a beautiful center. We placed financing on it with [Mandala], so it is going to be in our inventory for the foreseeable future.” It is a very well-positioned shopping center that is currently 100 percent leased, says Manelis. Pederson Group Development and Leasing Director Trey Eakin spearheads all aspects of
the company’s development and leasing activities. He is responsible for the analysis and securement of sites for the company’s retail projects. Senior Leasing Agent James R. Pederson handles the negotiation of new lease agreements for the company and works with current tenants on lease renewals. “It is in North Scottsdale, which takes advantage of the high-income demographic and the young age population,” says Manelis. Pederson has secured top-tier tenants to take advantage of
Hayden Peak’s demographic advantages, as Fry’s is currently the number-one grocer in market share in the Phoenix Metro area. “We do not sell our assets very often ” says Manelis. “Our goal is to come in and build or redevelop an asset for the long term. On [Hayden Peak Crossing] our goal is to hold onto it forever.”